WASHINGTON—Additional guidance related to digital assets, fraud, and cyber-enabled crime is needed, according to NAFCU.
NAFCU sent its response to the Financial Crimes Enforcement Network (FinCEN) in follow up to a request for information (RFI) regarding the review of Bank Secrecy Act (BSA) regulations and guidance.
Of note, the RFI specifically focused on current recordkeeping and reporting requirements and supports the mission outlined in the Anti-Money Laundering (AML) Act of 2020 that requires FinCEN to conduct a formal review of all BSA regulations, noted NAFCU.
In the letter, Kaley Schafer, NAFCU’s senior regulatory affairs counsel, called on FinCEN to provide the additional guidance and reiterated NAFCU's call to modernize and streamline the current suspicious activity reports (SARs) and currency transaction reports (CRTs) by increasing the reporting thresholds and removing any redundant or obsolete provisions.
Schafer also urged FinCEN to explore opportunities to provide feedback to credit unions regarding filed SARs or CRTs.
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